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November 26, 2024Automotive Deals

NY dealer sues Stellantis for diverting inventory

A dealership outside New York City is accusing Stellantis of giving illegal “secret discounts” to competing stores and cutting its vehicle shipments as retaliation for a previous legal victory over the automaker.

The lawsuit filed by Larchmont Chrysler-Jeep-Dodge-Ram, located about 20 miles northeast of Manhattan, seeks damages for alleged violations of federal antitrust laws and New York state dealer laws as well as for what it calls a breach of Stellantis’ duty of good faith and fair dealing.

“A decades-old, family-run dealership is facing its demise through no fault of its own,” the complaint said. Larchmont is owned by Alfredo

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May 13, 2023Automotive Deals

‘Succession’ Plot Comes Alive, As Forbes Majority Stake Acquired By Young Technology CEO

The 100-year-old Forbes brand is now majority owned by a 28-year-old automotive technology CEO.

Austin Russell, founder of Luminar Technologies, told the Wall Street Journal he is buying a majority stake in Forbes Global Media Holdings. The deal gives Russell an 82% stake in Forbes, which includes the remaining portion of the company owned by its namesake family, and values the media outlets at nearly $800 million.

More from Deadlines

Luminar Technologies makes sensors and software used for safety and autonomous-driving features. The Forbes acquisition has parallels to the fictional TV show successionwherein a young tech mogul is negotiating

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April 6, 2023Automotive Deals

15 Secret Ways to Get the Cheapest Car Rentals

Timing can be everything when looking for a rental car — you might find a low rate, but if you sit and wait for a lower price, you may miss out on a deal. But there are other secret ways to find the best prices. Use these insider strategies to do a thorough search for the cheapest rental car possible — and maybe even score an upgrade.

Search With Membership Sites

Memberships are required to access these deals, but the perk really pays off when you have many travel plans on the horizon. If you’re already a member of travel

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April 4, 2023Automotive Deals

Car loan costs surge pressures manufacturers to reinstate discounts

Rising borrowing costs exacerbated by recent turmoil in the banking sector have sidelined some buyers in the US new car market, putting pressure on manufacturers to discount vehicles.

Cars have become increasingly unaffordable after shortages over the past two years forced consumers to pay at or above sticker prices. The Federal Reserve’s efforts to curb inflation have now driven the average interest rate on a new car or truck loan to 8.95 per cent, up from 5.66 per cent a year ago, according to Cox Automotive, which provides services to car dealers.

This month’s failures of Silicon Valley Bank and

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